
Bombay High Court: Co-Promoters Are Also Liable To Pay Refund With Interest To Allottees In Case Of Delay Under Section 18 Of The RERA.
Live LawThe Bombay High Court bench, comprising of Justice Sandeep V. Marne, has held that promoters who are part of a real estate project but haven't received any consideration from the allottee will still be classified as “Promoters” under Section 2. The appellant filed an appeal before the Honorable Bombay High Court against the Tribunal's order dated October 18, 2022, contending that Respondent No. The High Court further discussed the scope of the term “Promoter” under Section 2 of RERA and held that the definition is wide enough to include every person associated with the construction of the building, such as a builder, colonizer, contractor, developer, estate developer, or by any other name, or even one who claims to be acting as the holder of a power of attorney from the owner of the land. In conclusion, the Bombay High Court, while dismissing the appeal and upholding the MahaREAT order, held that co-promoters are also liable to refund the amount to the homebuyers under Section 18 of RERA.
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